In November 2024, industrial production fell by 0.6% from October, in the seasonally adjusted series. This is the second month of decrease, when industry had a cumulative drop of 0.8%.

In the seasonally adjusted series, against the same month a year ago, the industry overall increased by 1.7% in November 2024, its sixth consecutive positive rate. As a result, the industrial sector grew by 3.2% in the first eleven months of 2024.

The annualized rate, cumulative indicator in the last 12 months, advanced 3.0% in November, and kept its positive rate, with acceleration of increase against results of preceding months.

The four broad economic categories and 19 of the 25 industrial subsectors surveyed recorded drops in production. Among the activities, the most important negative influences were those of motor vehicles, trailers and bodies (-11.5%) and coke, petroleum products and biofuels (-3.5%), with the former interrupting a sequence of two consecutive months of output increase, when there was a cumulative increase of 12.7%; and the latter recording a drop of 6.9% in two consecutive months of output decrease. Other negative contributions to the industry overall came from food products (-1.2%), manufacture of wearing apparel and accessories (-8.5%), chemicals (-2.1%), pulp, paper and paper products (-3.9%), pharmaceuticals (-5.4%), leather, traveling goods and footwear, electric material, applaiances and equipment (-3.8%), dtobacco products (-16.3%), beverages (-2.7%) and furniture (-5.7%).

On the other hand, among the activities that recorded increase of output, that of machinery and equipment (2.3%) accounted for the main impact in November 2024 and marked the second month of output increase in a row, with a cumulative growth of 5.8%.

Among broad economic categories, also against the immediately previous month, in the seasonally adjusted series, semi and non-durable consumer goods, having dropped 2.8%, accounted for the highest negative result in November 2024 and intensified the drop registered in the previous month (-1.1%). Producers of durable consumer goods (-2.1%), capital goods (-1.7%) and intermediate goods (-0.7%) also recorded decrease in production in the month, with the first one eliminating part of the advance of 5.1% observed in the preceding month; the second falling again after recording positive rates in October (1.6%) and September (3.9%) 2024; and the last one interrupting a sequence of three consecutive months of increase, when there was cumulative gain of 1.9%

Quarterly moving average records null change in quarter ended November

Also in the seasonally adjusted series, the evolution of the quarterly moving average for the industry overall recorded a null change (0.0%) in the quarter ended November against the level of a month ago, after a drop of 0.3% in October and of -0.1% in September 2024.

Among the broad economic categories, also against the marginal movement of the index, capital goods recorded the highest positive rate in November 2024 and kept the predominantly upward trend initiated December 2023. Intermediate goods (0.3%) and durable consumer goods (0.2%) also indicated increase of output in the month and kept a sequence of positive results initiated June 2024, a period with cumulative increases of 2.9% and 9.5%. On the other hand, producers of semi and non-durable goods (-1.1%) accounted for the only negative rate in November 2024 and had the third consecutive monthly decrease, with a cumulative drop of 2.1%.

Industry increases by 1.7% from November 2023

Against the same month a year ago, the industrial sector recorded an increase of 1.7% in November 2024, with positive results in three of the four broad economic categories, 18 of the 25 subsectors, 58 of the 80 groups and 59.2% of the 789 products surveyed. It is worth mentioning that November 2024 (19 days) had one working day less than the same month a year ago (20).

Among the activities, the main positive contributions to the industry overall came from motor vehicles, trailers and bodies (15.7%), computer equipment, electronic and optical products (34.9%) and machinery and equipment (14.0%).

Other important positive contributions were those of basic metals (7.8%), electric material, appliances and equipment (15.3%), metal products (7.6%), chemicals (2.4%), rubber products and plastic material (5.0%), manufacture of wearing apparel and accessories (7.3%), non-metallic mineral products (6.0%), miscellaneous products (11.8%) and pharmaceuticals (4.9%).

On the other hand, from November 2023, among the seven activities that recorded drop in production, mining and quarrying industry (-4.4%), food products (-4.3%) and coke, petroleum products and biofuels (-3.9%) accounted for the main contributions to the average of industry, mainly due to the reduced production of crude oil, in the first one; VHP and granulated sugar, concentrated orange juice, ice creams and popsicles, rice, cookies and crackers and chocolate candies and bars, in the second; and ethyl alcohol, in the third one. It is also worth mentioning the negative impact of the beverage sector (-8.4%).

Also in comparison with the same month a year ago, durable consumer goods (19.5%) and capital goods (14.0%) recorded, in November 2024, two-digit drops and the highest positive rates among the brad economic categories. The production of intermediate goods (1.6%) also increased this month, at a lower rate than the industry average (1.7%). Semi durable and nondurable consumer goods (-2.7%), on the contrary, recorded the only negative result in November 2024.

As for the cumulative index in January-November 2024, against the same period a year ago, industry advanced by 3.2%, with positive results in four of the four broad economic categories, 21 of the 25 subsectors, 61 of the 80 groups and 63.5% of the 789 products surveyed.

Among the activities, the main positive contributions to the industry overall came from , motor vehicles, trailers and bodies (12.4%), food products (2.0%), computer equipment, electronic and optical products (14.1%) and electric material, appliances and equipment (12.4%).

It is also worth mentioning the positive impacts of coke, petroleum products and biofuels (1.4%), chemicals (2.8%), rubber products and plastic material (5.5%), metal products (5.1%), other Transportation equipment (11.3%), basic metals (2.3%), furniture (10.0%), mining and quarrying industry (0.7%), non-metallic mineral products (4.0%) and pulp, paper and paper products (2.7%).

On the other hand, also in the comparison with January-November 2023, among the four activities that recorded drops in production, pharmaceuticals (-2.8%) was responsible for the main influence on the average of industry, being greatly affected by the reduced production of medicines.

Among the broad economic categories, the profile of results for the eleven months of 2024 showed dynamism in durable consumer goods (10.7%) and capital goods (8.8%), due, to a great extent, to the production of household appliances (24.5%) and cars (5.2%), in the former; and of capital goods for transportation equipment (18.0%), for industrial use (8.0%) and for mixed use (20.1%), in the latter. Producers of semi and non-durable goods (2.8%) and intermediate goods (2.6%) also recorded positive results in the year, but both recorded less significant drops than in the industry average (3.2%).

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